The app that produces stablecoin Vader Protocol US Dollar (USDV) will be shut down, according to a Dec. 29 announcement from its developers.

The Vader team said that it spent the next six months trying to find a way to reform the app to make it more safe. However, “upon rigorous research and discussions, the team found no notable breakthrough in the algorithmic stablecoin design that is capital efficient.”

They have paused the burn function, making it impossible for users to deposit their remaining USDV into the app to retrieve its backing through the normal redemption process. Instead, the developers have created a redemption portal to distribute the app’s remaining treasury. They plan to keep that redemption app available until June, 2023.